Goodman deal to part convert Erskinville industrial park into homes

Thursday 06 November 2014

Goodman Group has struck one of Australia's largest residential site deals with an agreement pending for the sale of its holding in Sydney's Ashmore Precinct urban-renewal area. The industrial property powerhouse has secured a purchaser for the business park in Erskinville for a price estimated at more than $350 million. The group holds industrial parks that have the potential to be converted into more than 35,000 unit blocks in strategic inner-city locations across Australia and has been selling since last year. Given the scale of the anticipated transaction, it is likely an offshore group will be involved but a group that has done business with Goodman - China's Country Garden, which bought a park in North Ryde for an aprtment project - has distanced itself from any transaction. Last month the company said it has $500 mil of urban renewal sites on the market, under due diligence or sold in Australia and Britain.

Source: The Australian - Thursday 6 November 2014

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